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Systematic Risk and the Firm's Experimental Strategy

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  • Harpaz, Giora
  • Thomadakis, Stavros B.

Abstract

The valuation of the firm in the context of the Capital Asset Pricing Model (CAPM) of Sharpe [22] and Lintner [18] brings into a new focus the product ion-investment decisions of the firm faced with demand and cost uncertainty. The market value of the firm and the level of systematic risk which arise from its product ion-investment decisions become items of primary importance. Although there are earlier treatments of the real determinants of valuation and risk in a dynamic context (e.g., Thomadakis [24] and Myers and Turnbull [20]), the case of a firm which experiments for the acquisition of information can furnish new insights.

Suggested Citation

  • Harpaz, Giora & Thomadakis, Stavros B., 1982. "Systematic Risk and the Firm's Experimental Strategy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(3), pages 363-389, September.
    • Handle: RePEc:cup:jfinqa:v:17:y:1982:i:03:p:363-389_01
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